How to Use Paytm Wallet

What Is Paytm, and How to Use Paytm Wallet?

What is Paytm?
Paytm, owned by One97 Communications, is a digital payments platform that allows you to transfer cash into the integrated wallet via online banking, debit cards, and credit cards, or even by depositing cash via select banks and partners. Using the money in the Paytm wallet, you can pay for a number of goods without using cash.

Among the transactions you can make on Paytm are recharges for mobile phones, metro cards, DTH cable, data cards, etc, as well as postpaid payments for mobile phones, landline/ broadband, electricity, water and gas bills, etc. You can also book tickets for buses, trains, flights, movies, hotel rooms, etc. and pay for Uber cab rides using the platform. Additionally, you can buy goods on the company’s e-commerce platform using the wallet, and even make offline payments at over 8 lakh merchants, Paytm claims.

What is Paytm Wallet?

Paytm Wallet, as mentioned above, is the digital payment instrument where you can transfer money from your bank account or credit card to use for transactions on the platform. You need to set up an account using your mobile phone number and email ID to setup a Paytm account and transfer cash to the wallet. You can add up to Rs. 10,000 in a month in the Wallet; if you want to increase the monthly limit, then you can get the KYC (Know Your Customer) processor done. With this, you can have up to Rs. 1 lakh in the Paytm Wallet at any point of time.

How to use Paytm and Paytm Wallet?

In order to use the Paytm Wallet and transact cash-free, set up an account with Paytm. As we mentioned earlier, you need to provide your mobile phone number and email ID to create an account on the platform. Then add some money to the Paytm Wallet, which can be done from your netbanking account, debit card, or credit card. With some cash in your wallet, you can start making payments for bills, buying goods, booking tickets etc.
Paytm also allows you to send money to bank accounts or to other people’s Paytm wallets. To do that, select the ‘Pay or Send’ option and either use a QR code to complete the transaction or send it using the recipient’s phone number. Paytm also shows if there is any pending payment request that you need to complete.


How to use Paytm for offline payments?
You can make cash-less payments using Paytm Wallet even without internet connectivity. If a retailer accepts Paytm as a mode of payment, you can either use QR codes or bar codes, along with a One-Time Password (OTP) to pay them. To do this, you need to open the app, select the ‘Pay or Send’ option, and choose between QR code or bar codes (provided in two separate tabs). Just scan the code and enter the OTP to authorize the payment offline. This feature can be especially useful right now, when the whole country is facing a cash crunch and internet connectivity is still not good enough to facilitate online transactions.

Is Paytm Wallet safe?

Security is top of everyone's mind when it comes to any digital, but Paytm – which is an RBI-approved wallet – says it keeps the money you put in the Wallet is “protected under Escrow account with a reputed bank.” Paytm uses Verisign-certified 128-bit encryption technology, which means that the secret key used in transactions is a sequence of 128 bits and does not reveal anything about the password length or contents. The platform is PCI DSS 2.0 certified, which means it does not store credit card data in unencrypted form.

What are some alternatives to Paytm?

While Paytm is the dominant player in the digital payments space, others are now too far behind either. Snapdeal-owned  FreeCharge, MobiKwik, Ola Money, and PayUMoney are other names in this segment that are popular too, each with its own distinguishing feature. Read our in-depth comparison of mobile wallets available in India.